Claus Vistesen submits: Ever since the illusive credit turmoil began, sentiment in the marketplace has been fickle - and essentially, like the assets of which it consists, volatile. We started off with an adamant focus on downside risks to growth which then turned into a focus on and fear of inflation. Now, as the cyclical data has turned for the worse in Europe and many places in Asia, the focus seems to be reverting to growth. Now, I won't go into the whole decoupling vs. recoupling discussion at this point since I think that this dichotomy is a false one. It never was about decoupling à la traditionelle but more about two interrelated points. The first would be the extent to which the world already has decoupled from the US in the sense that a key group of emerging economies are now set to ascend in economic prowess. The second would be the extent to which the decoupling thesis always built on a fallacy. The main point would be that the main fault line of slowdown was observed across economies with external deficits - something which, I am sure most will agree, is sure to impact surplus economies too.Complete Story »